Johnny Cochran To Take On Enron
News2Houston reported Tuesday that famed defense attorney Johnny
Cochran has been hired to lead a lawsuit against the Enron Corp.
(NYSE:ENE - news) by some of its former workers, on the heels of the
company announcing a new interim chief.
Cochran has defended several celebrities,
including Sean "P. Diddy Combs" and O.J.
Simpson.
The Los Angeles attorney helped get a jury
to acquit Simpson of murdering his ex-wife Nicole Simpson and her friend
Ron Goldman in 1995. But a civil jury later found Simpson responsible, and
ordered him to pay the victim's families $33.5 million in damages.
Many of the ex- workers held a rally outside the company's headquarters
Tuesday organized by local ministers, which are affiliated with the Rev. Al
Shapton.
Sharpton, founder of the National Action Network said last week that he is battling for a federal bailout to
help former employees and small investors of Enron, most of whom lost everything.
Enron Picks New Interim CEO
Enron announced Tuesday morning that Stephen F. Cooper has been named interim chief executive
officer and chief restructuring officer.
Cooper is the managing partner of Zolfo Cooper LLC, a corporate recovery and crisis management firm,
and has more than 30 years experience leading companies through operational and financial
reorganizations, company officials said.
Cooper will be joined by a team of Zolfo Cooper professionals who will assist with Enron's restructuring
effort.
Enron's Board of Directors made the decision after a review of candidates last week, following the
resignation of former Enron Chairman and CEO Kenneth L. Lay, officials said.
Lay remains on the board.
Cooper and his team are expected to begin working immediately with Enron's current management and
its Creditors Committee on the company's continuing efforts to reorganize and emerge from bankruptcy.
"Our focus is on the future of Enron. With more than 19,000 employees worldwide, Enron has real
businesses with real value," said Cooper. "We will work closely with the Board of Directors,
management, and the Creditors Committee to develop a reorganization plan to maximize value for the
company's stakeholders."
Zolfo Cooper has worked on more than 500 engagements, including Federated Department Stores,
Sunbeam, Laidlaw, Washington Group International, Polaroid Corp. (NYSE:PRD - news), Morrison
Knudsen, Pegasus Gold, NationsRent, and ICG Communications.
According to the news release, Zolfo Cooper's 85 professionals have in-depth expertise in operational and
financial management.
Working with senior management, Zolfo Cooper has a demonstrated track record in rapidly stabilizing
businesses while developing a tactical plan to meet short-term financial needs and a strategic plan for
long-term financial viability.
Founded in 1982, Zolfo Cooper is headquartered in New York, with offices in New Jersey and Los
Angeles.
In addition, the company also named members of the Office of the Chief Executive, which will include
Cooper, Jeff McMahon, who has been named president and chief operating officer, and Ray Bowen,
who has been named executive vice president and chief financial officer.
McMahon formerly was chief financial officer, and Bowen had been treasurer.
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